Pivot Point as A Valuable Tool

Traders and market makers have used pivot points to determine critical support and resistance levels, very popular in the forex market and can be an extremely useful tool for range-bound traders to identify points of entry.
Most traders prefer to take the pivots, off of the daily chart and then apply those to the shorter time-frame charts (I use 15-M chart). As a matter of fact, this is the first thing I always do in the morning, to get a clue where the price may be going for the day. Pivot point also serves as an entry point. My explanation here is very basic, for further details, you can read elsewhere on other forex sites.
Central Pivot Point (P) = (High + Low + Close) / 3
First level support and resistance:
First Resistance (R1) = (2*P) - Low
First Support (S1) = (2*P) - High
Second Resistance (R2) = P + (R1-S1)
Second Support (S2) = P - (R1- S1)
For example, pivot points calculation for next Monday (next week):
PP = 1.3578
R1 = 1.3623
R2 = 1.3656
S1 = 1.3545
S2 = 1.3500
See the chart above. Preparation for next monday's price action.
Coming Soon = How To Trade During News Breakout. Good luck guys......